Financial Markets

EU to prepare for Greek exit: Reuters

24 May 2012 |

Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, euro zone sources said on Wednesday.

European stocks fall on Greek worries

24 May 2012 |

European shares fell on Wednesday, ending a two-day recovery rally, as fears resurfaced that Greece would have to leave the euro zone.

Global equities slump on rising bets of Greek exit

24 May 2012 | Brendon Lau

Before the Bell | Equities are slumping, with the Dow falling to its lowest in 2012, as speculation rises that Greece’s exit from the euro is fast approaching ■ FTSE falls 2.5pc ■ Dow off 1.4pc ■ SPI futures down 18 pts ■ $A at 97.16 US cents.

Austbrokers (AUB)

24 May 2012 | Jane Searle

PRINT: 23 May 2012 | PAGE 39 |

Insurance broker Austbrokers has had a near 6 per cent rise in its share price over the past year and stands to benefit from rising insurance premiums following a record 12 months for natural disasters.

Highlands Pacific (HIG)

24 May 2012 | Qaiser Malik

PRINT: 24 May 2012 | PAGE 39 |

Shares in junior miner Highlands Pacific rose more than 12 per cent yesterday after positive drilling results were announced at its Star Mountain exploration site in Papua New Guinea.

Dart Mining (DTM)

24 May 2012 | Brendon Lau

PRINT: 23 May 2012 | PAGE 39 |

There has been a muted response to Dart Mining’s latest assay results from its flagship Unicorn molybdenum project in north-eastern Victoria.

Myer (MYR)

24 May 2012 | Bianca Hartge-Hazelman

PRINT: 24 May 2012 | PAGE 39 |

Myer’s share price has taken another hit, pushing it towards its record low of $1.935 on December 29 last year, after it reported third-quarter sales had fallen more than expected.

Nothing is likely to save the day for shares

24 May 2012 | Philip Baker

PRINT: 24 May 2012 | PAGE 4 | Nothing is likely to save the day

Looks like the sharemarket is poised to complete a hat trick. About this time in 2010 shares fell 15 per cent and in 2011 it was 20 per cent. So far this month the major index is down more than 8 per cent from its high.

Facebook float draws scrutiny as shares slide

24 May 2012 | Richard Blackden

PRINT: 24 May 2012 | PAGE 30 | Facebook float draws scrutiny as shares slide

Facebook’s multibillion-dollar initial public offering faces the threat of an investigation by US authorities, as the company rounded off the worst start for a major US flotation in five years.

$A takes a hit for the good of the nation

24 May 2012 | Jacob Greber

PRINT: 24 May 2012 | PAGE 1 | $A taking one for the nation

At last the Australia dollar is doing what it does best. Taking a hit for the good of the nation.

Trade pacts prey to tangling

24 May 2012 | Greg Earl

PRINT: 24 May 2012 | PAGE 2 | Trade pacts prey to tangling

A confusing web of bilateral deals means understanding the trade agreement landscape can be a bit like wrestling an octopus.

What ails nation’s consumers

24 May 2012 | Tony Boyd

PRINT: 24 May 2012 | PAGE 72 | What ails nation’s consumers

Myer chief executive Bernie Brookes yesterday summed up the weight of woes keeping wallets and purses shut in Australia.

Retail sector keeps analysts in the dark

23 May 2012 | Bianca Hartge-Hazelman

PRINT: 24 May 2012 | PAGE 4 | Retail sector keeps analysts in the dark

Retail analysts have never done it tougher. Mirroring the woes of their troubled sector, some analysts aren’t saying too much, but it’s not because they don’t have a view.

Nikkei closes almost 2pc lower

23 May 2012 |

Tokyo stocks have tumbled 1.98 per cent as fears grow over a possible Greek exit from the eurozone.

Buyers reverse on red signals

23 May 2012 | Jane Searle

PRINT: 23 May 2012 | PAGE 4 | Buyers reverse on red signals

Warnings from the World Bank and OECD on growth forecasts along with pessimistic comments from a former Greek prime minister triggered losses across most major indices ahead of a crucial EU summit early on Thursday.

Stocks to watch at close on Wednesday

23 May 2012 |

Stocks to watch on the Australian stock exchange at the close on Wednesday.

Projects to boost demand as economy cools

23 May 2012 | Lucy Gao

Vice-Premier Li Keqiang has called for the expansion of domestic market demand through projects such as affordable housing and medical system reform, amid signs of the economy cooling further.

EU summit oils a slippery $A slope

23 May 2012 | Jason Murphy

PRINT: 24 May 2012 | PAGE 4 | EU summit oils a slippery slope

The correction in the Australian dollar gathered speed as fears about the European economy crystallised ahead of last night’s European Union summit, and experts forecast the local currency could slide as low as US94¢ or US95¢ in coming weeks.

ASX closes lower amid China worries

23 May 2012 |

Australian shares have closed more than 1 per cent lower amid predictions China's economic growth will ease. At the close, the benchmark S&P/ASX200 index was down 51.5 points, or 1.25 per cent, at 4069.5

Fundamentals and price point to ‘cast iron future’

23 May 2012 | Brendon Lau

PRINT: 24 May 2012 | PAGE 4 | Fundamentals, price point to ‘cast iron future’

Iron ore stocks have taken the brunt of the latest sell-off as the commodity’s price tumbled following the European debt crisis and Chinese slowdown. But experts believe there is too much pessimism priced into shares.

Gold slumps on scepticism of EU meeting

23 May 2012 |

Gold eased on Wednesday extending sharp losses made in the previous session as investors were sceptical that an informal European Union meeting later in the day would yield steps to help solve the region's debt crisis.

Uncle Sam heading for a reality check

23 May 2012 | Glenn Mumford

PRINT: 24 May 2012 | PAGE 4 | Uncle Sam heading for a reality check

America likes to lead from the front. They reckon it’s what they do best.

Euro nears 21-mth low, $A falls on Greek worries

23 May 2012 |

The euro edged ever closer to a 21-month low on Wednesday while the safe haven US dollar reached a 20-month peak against a basket of currencies on fears of a messy Greek exit from the euro zone.

Future Fund tobacco stocks rise to $225m

23 May 2012 | Jacob Greber

PRINT: 23 May 2012 | PAGE 3 | Tobacco lift for Fund

The Future Fund’s tobacco stocks have surged in value by more than 53 per cent since the start of last year, prompting Greens senator Richard Di Natale to fume that the government is “profiteering” from lung cancer sufferers.

Shares down 1pc as gloom hits commodity prices

23 May 2012 |

Updated | Australian stocks were more than 1 per cent lower on Wednesday afternoon, with weaker commodities prices pushing resources stocks sharply lower.

Gold extends losses ahead of EU summit

23 May 2012 |

Gold edged lower on Wednesday, extending sharp losses made in the previous session as hopes faded that an informal European Union meeting later in the day would yield steps to help with the region's debt crisis.

Stocks to watch at noon on Wednesday

23 May 2012 |

Brambles ■ Cudeco ■ Iluka Resources ■ Myer Holdings

Crude prices drop on Iran talks, euro concerns

23 May 2012 |

US crude fell on Tuesday, extending Tuesday's losses as a potential deal between Iran and the UN nuclear watchdog eased oil supply worries, while concerns about Europe continued to pressure prices.

Europe worries hit $A, Asian markets

23 May 2012 | Peter Wells

Mid-morning update and it’s all in the red. Australian dollar continues to drop, shares down more than 1 per cent with all sectors in negative territory, Asia also lower.

Miners lead shares down 1pc on fears for Greece

23 May 2012 | James Carlisle

Updated | The ASX was more than 1pc lower on Wednesday after the Australian dollar fell more than a cent overnight, to less than US98¢, and a late sell-off saw US stocks hand back gains of almost 1pc.

Euro tumbles on Greek exit fears

23 May 2012 |

The euro slumped 1 per cent against the US dollar on Tuesday, ahead of an informal meeting of European leaders, on growing fears of a Greek exit from the euro zone.

China sees ‘impediments’ to investing in Europe

23 May 2012 |

China faces “invisible impediments” to investing in some parts of Europe, with Europeans nervous about allowing it to move into some sectors, a senior official at China’s sovereign wealth fund said

$A falls as euro-zone hopes fade

23 May 2012 |

The Australian dollar has fallen one US cent as hopes of progress on a resolution to the euro-zone debt crisis fade ahead of a meeting of EU leaders on Wednesday night.

Greek euro zone exit ‘catastrophic’: ex-PM

23 May 2012 | Ben Woodhead

Former Greek prime minister Lucas Papademos has reportedly described “catastrophic” consequences of a Greek exit from the euro and suggested some countries are already considering contingency plans.

Fitch downgrades Japan’s sovereign rating

23 May 2012 |

Fitch has lowered its assessment of Japan’s sovereign credit to A-plus, an investment grade just above Spain and Italy, and criticised Tokyo for not doing more to pare its growing debt.

‘Fiscal cliff’ could trigger US recession

23 May 2012 |

A stalemate over how to tackle a series of fiscal deadlines at year’s end would likely push the United States economy into recession in the first half of next year, the Congressional Budget Office warned.

Facebook wash out puts Morgan Stanley in spotlight

23 May 2012 | Ben Woodhead

Investors who stumped up $US38 a share to take part in Facebook’s landmark IPO have found themselves deeper under water as underwriter Morgan Stanley faces questions over its handling of the float.

Messy merger tax reversal

23 May 2012 | Shaun Drummond

The federal government is winding back M&A tax changes which exposed it to billions of dollars of potential corporate tax deductions amid widespread confusion on how the revised laws will apply.

Wall St ends flat after late bout of volatility

23 May 2012 |

US stocks closed mostly flat on Tuesday after volatility late in the session, with weakness in materials and energy shares offsetting strength in financials.

Egan-Jones cuts Spain credit one more notch

23 May 2012 |

Egan-Jones Ratings cut Spain’s credit level further on Tuesday, citing the same weak banking sector that led the agency to downgrade Spain less than a month earlier.

Gold falls ahead of European summit

23 May 2012 |

Gold traded near intraday lows with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.

Snapshot: Dow dips, S&P 500 edges up

23 May 2012 |

US stocks closed mostly flat after a volatile late-day period on Tuesday, with weakness in material and energy shares offsetting strength in financials.

Fitch downgrades Japan rating to A-plus

23 May 2012 |

The ratings agency Fitch on Tuesday lowered its assessment of Japan’s sovereign credit to A-plus, an investment grade just above the likes of Spain and Italy.

Hollande on collision course with Merkel over bonds

23 May 2012 |

Germany has dismissed a French-led call for EU governments to issue common bonds, a day before a summit which investors are looking to for new measures to counter the bloc’s debt crisis.

$A drops a cent as Wall Street pares gains

23 May 2012 | Brendon Lau

Before the Bell | The $A has fallen more than a cent overnight, to below 98 US cents, and US stocks gave back gains of almost 1pc to close flat despite a surge on European markets ■ SPI down 19pts.

Facebook shares slide as prospects questioned

23 May 2012 |

Facebook’s shares fell again on Tuesday, leaving them down more than a quarter from Friday’s highs as questions mounted over the company’s financial prospects.

Spanish, Italian yields ease on EU summit hopes

23 May 2012 |

Spanish and Italian government bond yields fell on Tuesday on speculation European leaders may come up with new measures this week to foster euro zone growth, though analysts warned markets could be in for disappointment.

Wall St gains on housing but rally ebbs

23 May 2012 |

Financial and housing shares nudged Wall Street higher on Tuesday after US existing home sales rose in April to their highest rate in nearly two years.

Oil falls as IAEA sees deal with Iran

23 May 2012 |

Oil fell on Tuesday in choppy trading as indications a deal may be near on Iran’s nuclear program eased worries about oil supply disruptions, countering supportive US home resale data.

European stocks rally for a second day

23 May 2012 |

European stocks have rallied in a second day of gains after recent sharp losses, on the hope that EU leaders will firm up action on tackling the eurozone debt crisis and solid US housing data.

Facilitate Digital Holdings (FAC)

23 May 2012 | Matthew Cranston

PRINT: 23 May 2012 | PAGE 35 |

Digital marketing company Facilitate Digital Holdings’ share price has crept down from its peak earlier this year.

Tunnel vision a danger with debt

23 May 2012 | Paulina Duran

PRINT: 23 May 2012 | PAGE 4 | Tunnel vision a danger with debt

Australian banks and governments have learnt the hard way that pricing debt too cheaply and failing to assess risks to win mandates to finance infrastructure only leads to dramatic losses.

Sustainability risk in high-yield stocks

23 May 2012 | Jane Searle

PRINT: 23 May 2012 | PAGE 4 | Sustainability risk in high-yield stocks

Investors focused on yields against a backdrop of low credit growth should be alert to the risk of unsustainably high payouts.

Exchange rates the real issue

23 May 2012 | Philip Baker

PRINT: 23 May 2012 | PAGE 1 | Exchange rates the real issue

Baker | All the focus has been on Greece and the possibility it will exit from the EU. But what if Germany was to leave? Is that a better option?

Rate cut tips get ‘too extreme’

23 May 2012 | Joanna Heath

PRINT: 23 May 2012 | PAGE 4 | Rate cut tips get ‘too extreme’

Market predictions of further monetary easing measures from the Reserve Bank of Australia have become too extreme, strategists say, leaving some room for recovery for the Australian dollar.

Nikkei ends up 1.1pc on bargain pickers

22 May 2012 |

Japan's Nikkei share average rose 1.1 per cent on Tuesday, extending the previous session's technical rebound as investors picked up cheaper stocks after last week's sharp sell-off, triggered by concern over a deepening euro zone debt crisis.

Beach Energy (BPT)

22 May 2012 | Angela Macdonald-smith

PRINT: 22 May 2012 | PAGE 35 | Beach Energy

Mid-cap oil and gas play Beach Energy is trading near a seven-month low amid uncertainty about the prospects for a partnership for its shale gas interests in the Cooper Basin.

Sonic (SHL)

22 May 2012 | Carrie LaFrenz

PRINT: 22 May 2012 | PAGE 35 | Sonic

Australia’s largest pathology operator, Sonic Healthcare, has consolidated its position in the market after last week buying NSW/ACT, Queensland and West Australian pathology businesses from Healthscope for $100 million.

China hopes spark rebound

22 May 2012 | Brendon Lau

PRINT: 23 May 2012 | PAGE 4 | China hopes spark rebound

The market rallied for a second straight day on hopes that China will undertake measures to stimulate its slowing economy and on positive overnight leads from the US and Europe as fears about euro zone debt contagion took a back seat.

Stocks to watch at close on Tuesday

22 May 2012 |

Stocks to watch on the Australian stock exchange at close on Tuesday, May 22

Late charge sees shares end on bullish note

22 May 2012 | Peter Wells

Australian shares ended the session on a bullish note, effectively closing at the session’s highs. The Australian dollar gained a third of a cent in the hour leading up to the sharemarket’s close.

Bonds, shares buck trend and rise together

22 May 2012 | Philip Baker

PRINT: 23 May 2012 | PAGE 4 | Bonds, shares buck trend and rise together

There’s a growing disconnect between shares and government bonds. Usually when bond prices rise, share prices fall. This time around however, both bond prices and share prices are rising in concert.

Australian shares up more than 1pc at close

22 May 2012 |

Updated | Australian shares closed more than 1 per cent firmer, thanks to stronger energy and resources stocks and positive offshore leads. The S&P/ASX200 index was up 1.2 per cent at 4122.6.

$A higher on optimism over EU meeting

22 May 2012 | Jo Heath

PRINT: 23 May 2012 | PAGE 4 | $A rebounds as EU leaders meet

The Australian dollar consolidated its small rebound on Tuesday, ahead of a meeting of European Union leaders set for Wednesday night Australian time.

Brent steady ahead of EU summit, Iran talks

22 May 2012 |

Brent crude held steady near $US109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.

Death penalty for fundraising fraud

22 May 2012 | Lucy Gao

The Higher People’s Court in East China’s Zhejiang Province handed businesswoman Wu Yinga the death penalty with a two-year reprieve for fundraising fraud, after a retrial.

$A higher as optimism over Europe grows

22 May 2012 |

The Australian dollar is higher as hopes grow that Greece will stay in the euro zone and after G8 leaders pushed for a pro-growth strategy to solve the continent's debt crisis.

Energy stocks power sharemarket rally

22 May 2012 |

Updated | The local sharemarket climbed almost 1 per cent on Tuesday thanks to strength among energy and resources stocks following positive leads from offshore markets.

Stocks to watch at noon on Tuesday

22 May 2012 |

Boral ■ GrainCorp ■ Leighton Holdings ■ Qantas Airways ■ Thorn Group

Crude edges up, stays above $US92; Iran talks eyed

22 May 2012 |

US crude inched up on Tuesday, extending gains from the previous session when prices snapped out of a six-day losing streak on hopes Beijing would take action to stimulate growth.

Nikkei firms as investors pick up laggards

22 May 2012 |

Japan's Nikkei share average rose in early trade on Tuesday, continuing Monday's technical correction as investors picked up bargains after last week's flurry of aggressive selling.

Gold flat, investors await euro zone meeting

22 May 2012 |

Gold traded little changed on Tuesday, as investors await a European Union summit that is expected to discuss fresh action to solve the region's debt crisis that has been threatening global growth.

Oil prices surge on bargain hunting, Iran

22 May 2012 |

Oil prices have surged on Monday, rebounding from last week's multi-month lows on speculative buying and as concerns resurfaced over supplies from the crude-rich Middle East, particularly from Iran.

Pressure builds on corporate loan pricing

PRINT: Capital | 22 May 2012

Australian companies are sitting out of the debt markets for now but eventually they will have to refinance debt, and face banks nervous to protect net interest margins.

Shares rally on hopes for Europe

22 May 2012 | James Carlisle

Updated | The local sharemarket was 0.7 per cent higher on Tuesday, after an overnight rally in US and European stocks on hopes that European leaders will agree policies to help stimulate growth.

Video | Chanticleer: how to pick stocks

22 May 2012 |

Chanticleer columnist Tony Boyd on why picking stocks well is so hard to do well, and which major players are taking on – or abandoning – the task.

France’s Hollande focuses on EU growth

22 May 2012 |

French President Francois Hollande said he wanted all options discussed to stimulate growth in Europe when EU leaders meet later this week.

China gets direct line to buying US Treasuries

22 May 2012 |

China can now bypass Wall Street when buying US government debt and go straight to the US Treasury, in what is the Treasury’s first-ever direct relationship with a foreign government

Euro rebounds vs US dollar ahead of EU meeting

22 May 2012 |

The euro edged higher against the US dollar on Monday as traders paused after driving the common currency to a four-month low and awaited a meeting of euro zone leaders this week.

Investors raise €60bn to buy European bank assets

PRINT: Capital | 22 May 2012

About €60 billion has been raised to buy so-called noncore loan assets currently held by European banks, according to the accounting firm PricewaterhouseCoopers.

$A passes 99 US cents as optimism returns

22 May 2012 |

The Australian dollar has headed back above 99.00 US cents amid optimism that a new approach to the euro zone government debt crisis will work.

Wall St surges 1pc, even as Facebook slumps

22 May 2012 |

US stocks rose more than 1 per cent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities’ biggest weekly drop in almost six months.

Investors un-friend Facebook as reality sets in

22 May 2012 | Chuck Mikolajczak

PRINT: 22 May 2012 | PAGE 1 | WRAPUP 4-Facebook shares sink 11 pct as reality overtakes hype

Facebook shares sank 11 per cent in the first day of trading without the full support of the company's underwriters, leaving some investors to switch back to more established stocks such as Apple.

Gold eases after failing to breach $US1600/oz

22 May 2012 |

Gold prices slipped on Monday after early buying failed to lift prices past $US1600 an ounce, with investors still cautious about the precious metal,

US benchmark notes ease on profit-taking

22 May 2012 |

Benchmark US Treasuries eased in price on Monday as investors took profits after a recent rally that was sparked by fears over a worsening of the European debt crisis.

Germany, France pledge to keep Greece in euro

22 May 2012 |

Germany and France have pledged to do whatever is necessary to keep Greece in the euro fold, as political turmoil in the debt-wracked country threatens to force it out of the club.

Snapshot: Dow ends up 1.1pc, Nasdaq up 2.5pc

22 May 2012 |

US stocks rose on Monday to snap a six-day losing streak on the S&P 500, rebounding from equities’ biggest weekly drop in almost six months.

JPMorgan suspends $US15bn stock buyback

22 May 2012 |

Updated | JPMorgan Chase boss Jamie Dimon is suspending plans to buy back the embattled company’s own stock, but it will still pay a dividend despite its $US2 billion trading loss.

Equities, $A rally on assurances from world leaders

22 May 2012 | Brendon Lau

Before the Bell | Global stocks rebounded and the euro steadied after world leaders emphasised their support for economic growth in the euro zone ■ S&P up 1.6pc ■ Facebook slides 11pc ■ SPI up 33pts ■ $A up three quarters of a cent to US99.09¢.

Snapshot: Apple paces 2pc rise in Nasdaq

22 May 2012 |

The Nasdaq climbed 2 per cent on Monday as US stocks rebounded from their worst week in a year while investors dumped newly floated shares in Facebook and redeployed capital to more established names such as Apple.

Europe stocks rebound from five-mth low

22 May 2012 |

European equities rebounded from five-month lows on Monday, with investors seeing value after the steep retreat to five-month lows.

Bunds hold close to record highs

22 May 2012 |

German government bond prices held close to record highs on Monday as investors fretting that Greece may have to leave the euro zone pursued their flight to assets from the bloc’s strongest economy.

Rebound a tribute to wishful thinking

22 May 2012 | Glenn Mumford

PRINT: 22 May 2012 | PAGE 5 | Bounce a tribute to wishful thinking

It’s always tempting to play for the bounce. So after three weeks of selling, investors again seem willing to buy risk.

Lloyd girds loins to face board of Perpetual

22 May 2012 | Sarah Thompson

PRINT: 22 May 2012 | PAGE 22 | Lloyd girds loins to face board of Perpetual

Perpetual’s poaching of well-regarded industry veteran Mark Smith from BT comes at an ideal time for the wealth management giant’s boss Geoff Lloyd.

Lend Lease spreads show credit rating under pressure

22 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 22 May 2012 | PAGE 22 | Lend Lease spreads show credit rating under pressure

The jitters have returned to credit markets and, as ANZ chief Mike Smith reminded us, bank funding markets are slamming shut. It’s worth paying attention to the pressure being applied to industrial corporate spreads implied by rising credit default swap spreads. A notable underperformer in a week when the cost of insuring every Australian corporate increased was construction firm Lend Lease.

Traders turn owls to keep a pip ahead

22 May 2012 | John Wasiliev

PRINT: 22 May 2012 | PAGE 5 | Traders turn owls to keep a pip ahead

Derivative traders are being turned into evening owls as foreign exchange activity attracts more attention since the $A’s plunge below parity to the American dollar.

Doubters give up on Leighton

22 May 2012 | Jenny Wiggins

PRINT: 22 May 2012 | PAGE 2 | Doubters give up on Leighton

Some of Leighton Holdings’ biggest investors have been selling shares in the troubled contractor, which has appointed a former Grupo ACS executive, Marcelino Fernández Verdes, as an alternate board director.

Local shares face heavy fallout from Greek exit

22 May 2012 | Joanna Heath

PRINT: 22 May 2012 | PAGE 5 | Euro crisis leaves ASX exposed

The Australian market is particularly vulnerable to the global fallout of a Greek exit from the euro zone despite a lack of direct trading links to the troubled nation, strategists say.

US might reach its own bang point

22 May 2012 | Philip Baker

PRINT: 22 May 2012 | PAGE 21 | US may be on Greek path to its own bang point

Baker | The US has too much debt, and has not restored its savings rate. If this continues, the US might reach its own bang point.

CBA shrugs off funding worries

22 May 2012 | John Kehoe

PRINT: 22 May 2012 | PAGE 1 | CBA shrugs off funding worries

Commonwealth Bank of Australia group treasurer Lyn Cobley says European funding markets are open for high quality Australian banks, despite renewed concerns over Greece’s sovereign debt problems.

Strategists warn against $A optimism

22 May 2012 | Joanna Heath

PRINT: 22 May 2012 | PAGE 29 | Strategists warn on $A optimism

The Australian dollar managed to snap a six-day losing streak on Monday following the weekend’s Group of Eight summit, but strategists say the bump may be short-lived.

Facebook shares fall 11 per cent in early trading

22 May 2012 |

Facebook shares opened below their $US38 issue price on Monday as support from underwriters of the initial public offering dissipated after its Friday debut.

Toll Holdings (TOL)

21 May 2012 | Jenny Wiggins

PRINT: 18 May 2012 | PAGE 39 |

Toll Holdings’ investors have been brought back to earth with a thud after the logistics group slashed its full-year profits guidance, citing weak global markets, and said it would consider selling some of its businesses.

OM Holdings (OMH)

21 May 2012 |

PRINT: 21 May 2012 | PAGE 39 |

Manganese miner OM Holdings’ share price has started to show a sign of a rebound, rising by more than 30 per cent since the year began due to an early indication of a rise in the price of the metal.

Nikkei ends up 0.3pc on G8 reassurances

21 May 2012 |

Japan's Nikkei average inched up on Monday, with short-covering prompting a recovery from the sharp losses of the previous session, and a call from world leaders for Greece to remain in the euro zone helping to soothe investors' jitters.

Rebound at mercy of data flow

21 May 2012 | Bianca Hartge-Hazelman

PRINT: 22 May 2012 | PAGE 5 | Rebound at mercy of data flow

Respite from European worries gave investors reason to head back in the market despite last week’s carnage. But pending news on Chinese manufacturing activity could put a further dampener on sentiment.

$A flat in uncertain market

21 May 2012 |

The Australian dollar is struggling around six-month lows reached at the end of last week as the market faces uncertainty.

ASX closes 0.8pc higher

21 May 2012 |

After big drops last week, Australian shares have closed around three-quarters of a per cent higher on Monday. The benchmark S&P/ASX200 index was up 31.6 points, or 0.78 per cent, at 4078.1.

Gold edges up but Europe concerns remain

21 May 2012 |

Gold inched up on Monday to extend last week's rise, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis continued to feed caution in the financial markets.

$A slightly higher as pessimism wanes

21 May 2012 |

The Australian dollar is bouncing back from six-month lows reached at the end of last week as the market mood improves.

Shares give up morning’s gains

21 May 2012 |

Updated | Australian shares were slightly higher on Monday afternoon, with resource stocks advancing in the wake of a call by China’s premier for additional efforts to support growth.

Stocks to watch at noon on Monday

21 May 2012 |

Stocks to watch on the Australian stock exchange at noon on Monday include Campbell Brothers, Elders, James Hardie Industries, Orica, Qantas Airways, Toro Energy and BHP Billiton.

Nikkei recovers on hopes Europe will act

21 May 2012 |

Japan’s Nikkei average inched higher on Monday, recovering from sharp falls in the previous session, as a call from world leaders for Greece to remain in the euro zone.

‘Risky’ euro remains at a steady low

21 May 2012 |

The euro started the week on a subdued note and commodity currencies remained mired at multi-month lows as investors found little comfort in a pledge by world leaders to take all steps necessary to combat financial turmoil.

Video | Markets Monday

21 May 2012 |

Investors should brace for more disruption as Europe’s debt woes continue, China strives for a soft landing and Australia’s bond market hits its lowest point since before the GFC.

Miners fuel sharemarket lift

21 May 2012 | Byron Smith

Updated | Australian sharemarket gains were a little more subdued by mid-morning trade, compared to opening on Monday, with the market up about half a per cent.

Futures tip soft open, Europe still in background

21 May 2012 | Peter Wells

It could be a relatively uneventful day for markets, but we’re all now living in a state of expecting the unexpected. SPI futures are pointing to an 8 point fall and the Aussie dollar has bounced off its morning low.

Bonds retreat from last week’s highs

21 May 2012 |

The Australian bond market has opened the week slightly weaker following last week’s record-breaking rallies, with strategists expecting the market to continue to consolidate.

FW Holst & Co may be good fit with Baillieu

21 May 2012 | Sarah Thompson

Stockbrokers are bracing for another round of consolidation should equity market conditions keep deteriorating and retail investors remain on the sidelines.

Small hope gives slight lift to $A

21 May 2012 |

The Australian dollar has rebounded from its six-month lows after G8 leaders vowed to do what they can to promote economic growth.

Greek lesson for Aussie retail bondholders

21 May 2012 | Mark Bayley

On t’Mark | Despite all the negative headlines emanating from Europe and Greece in particular, there was some good news coming out of Athens.

From Russia with love: stick with the euro

21 May 2012 | Geoff Winestock

PRINT: 21 May 2012 | PAGE 1 | From Russia with love: stick with the euro

Winestock | My strongest memory of the time when the ruble zone was breaking up is the Ukrainian black market traders arriving every morning.

Lower bids tipped for Lloyds’ loans

21 May 2012 | Gretchen Friemann

PRINT: 21 May 2012 | PAGE 1 | Lower bids tipped for Lloyds’ loans

Leading contenders for Lloyds’ $1.9 billion book of soured property loans are likely to submit lower bids in the second round as information gleaned from due diligence casts the assets in a less favourable light.

Investors brace for further EU upheaval

21 May 2012 | Bianca hartge-Hazelman

Before the Bell | Investors are expected to tread carefully ahead of a meeting of EU leaders later in the week ■ G8 encourages growth ■ Dow falls 0.6pc ■ SPI down 8pts ■ $A steady at 98.4 US cents ■ Broker Watch: ROC, CBA.

Proximity to Asia ensures local appeal

21 May 2012 | Jemima Whyte

PRINT: 21 May 2012 | PAGE 26 | Proximity to Asia ensures local appeal

Going weak at the knees doesn’t normally make for a good fund manager. But in Ella Brown’s case, she may not have ended up in financial markets without it.

Aussie banks say they can ride it out

21 May 2012 | George Liondis

PRINT: 21 May 2012 | PAGE 4 | Aussie banks say ‘we’re all right mate’

Australia’s banks are at risk of being drawn into Europe’s debt crisis as a measure of their funding costs rises to its highest level this year. But they claim they are prepared for the worst in Europe.

Bond dive harbinger for equities

21 May 2012 | Jane Searle

PRINT: 21 May 2012 | PAGE 4 | Bond dive harbinger for equities

Ten-year government bond yields appear to be spelling a doomsday scenario for equity markets, sinking to their lowest level in more than 50 years, at just above 3 per cent..

$A tipped to fall on Europe fears

21 May 2012 | Jane Searle

PRINT: 21 May 2012 | PAGE 4 | $A to fall on Europe fears

The Australian dollar is tipped to add to its recent falls, amid concerns about Europe’s debt crisis and continued uncertainty around China’s growth.

Arter to head BlackRock’s restructured equities business

21 May 2012 | Leng Yeow

PRINT: 21 May 2012 | PAGE 2 | Bloodied BlackRock plans restructure

Updated | Global funds manager BlackRock has unveiled a major restructure of its Australian equities business and appointed Justin Arter as its new chief executive.

Meka engineers some magic, just like his dad

21 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 2 | Meka engineers some magic – just like his dad

Ausenco CEO Zimi Meka credits his father’s harrowing escape from communist Europe soon after World War II the inspiration for his entrepreneurial success.

TMA is mystery PMP bidder

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | TMA is mystery PMP bidder

Ticketing and labelling group TMA, a market dog until it was delisted last year, has been confirmed as the mystery bidder for PMP

Austerity – what a laugh!

21 May 2012 | Robert Guy

PRINT: 21 May 2012 | PAGE 1 | Austerity – what a laugh!

Guy | The irony would not have been lost on Angela Merkel as she listened to advice from some of the world’s most enthusiastic money printers.

S&P warns on shrinking A-REIT sector

21 May 2012 | Ainslie Chandler

PRINT: 21 May 2012 | PAGE 1 | S&P warns on shrinking REIT sector

Further consolidation among Australian real estate investment trusts could reduce the sector’s appeal, ratings agency Standard & Poor’s has warned.

Early investors drop Facebook

21 May 2012 | David Ramli

PRINT: 21 May 2012 | PAGE 1 | Early investors drop Facebook

One of Australia’s biggest investment funds plans to dump its entire Facebook stake quickly as analysts and fund managers predict the social media giant will struggle to boost returns.

I’m no Facebook billionaire: Bono

19 May 2012 |

U2 frontman Bono has laughed off claims he will become a billionaire on the back of the Facebook flotation.

From its first ‘sell’ rating to short bets

19 May 2012 |

PRINT: 19 May 2012 | PAGE 1 |

The debut of Facebook shares on the Nasdaq brought an intense focus to the company, including its first brokerage sell rating and the prospect of some investors shorting the social network giant.

Wall Street stumbles on messy Facebook debut

19 May 2012 |

US stocks fell on Friday after a sloppy debut by Facebook spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood amid a gloomy month for equities.

Bullion meets resistance at $US1597 an ounce

19 May 2012 |

Gold rose more than 1 per cent on Friday, on track for its largest two-day gain since October, boosted by investors’ consolidation of positions ahead of the weekend and a stronger euro.

US bonds dip on profit-taking as worries linger

19 May 2012 |

US Treasury debt prices slipped on Friday as investors took profits a day after benchmark yields flirted with their lowest level in at least 60 years in this week’s rally.

Snapshot: S&P falls 0.7pc, Nasdaq sheds 1.2pc

19 May 2012 |

US stocks fell on Friday after a sloppy debut by Facebook spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood amid a gloomy month.

Greece set to dissolve day-old parliament

19 May 2012 |

Greece’s day-old parliament held its last session Friday to allow for new elections next month that are being cast as a decision on whether to keep the country in the 17-nation eurozone.

Merkel wades into Greece’s choppy political waters

19 May 2012 |

German Chancellor Angela Merkel has suggested that Greece should hold a referendum on the euro, together with next month’s national elections, an idea which was immediately ruled out.

FTSEurofirst 300 has worst week since September

19 May 2012 |

European stocks sank on Friday, with a key index losing 5.1 per cent on the week, hurt by mounting fears about the ability of Spain and Greece to deal with their debts and fix their banks.

Contagion fear pins German yields to new low

19 May 2012 |

German government bond yields hit record lows on Friday and were expected to fall further after a mass credit downgrade of Spanish banks stoked fears of a euro zone financial meltdown.

Facebook IPO marred by trading glitches

19 May 2012 |

PRINT: 19 May 2012 | PAGE 1 | UPDATE 3-Facebook fizzles in debut, shares skirt IPO price

Updated | For a company that is dramatically upending business strategies and social relationships around the world, shares in Facebook made a surprisingly modest debut on Friday.

If Greece goes under . . .

19 May 2012 | Tony Boyd

PRINT: 19 May 2012 | PAGE 1 | If Greece goes under . . .

Global financial markets during the week followed the normal pattern seen over the past two years by switching from being bullish to pricing in a worst-case scenario from the Greek sovereign debt crisis.

NAB offer hits the right note

19 May 2012 | John Wasiliev

PRINT: 19 May 2012 | PAGE 3 | NAB offer hits the right note

Income investments paying interest returns that rise and fall with the money market are in the news constantly, with companies and big banks offering them on a regular basis.

How to identify the best takeover targets

19 May 2012 | Tony Featherstone

PRINT: 19 May 2012 | PAGE 1 | How to identify the best targets

Big gains can come from spotting companies that are candidates for reverse takeovers, and it is a strategy that suits speculators comfortable with high risk. Here are 10 tips to find targets:

Traps for investors in backdoor listings

19 May 2012 | Tony Featherstone

PRINT: 19 May 2012 | PAGE 1 | Traps at the back door

Companies finding it difficult to list on the stock exchange are getting in another way. But this is no guarantee of success and canny investors know timing is key.

Bullish forecasters have second thoughts

19 May 2012 | Bianca Hartge-Hazelman

PRINT: 19 May 2012 | PAGE 3 | Bullish forecasters have second thoughts

Bullish investment banks are revising their end-of-year market forecasts after savage falls in global markets over the past week.